fbpx

Motorsport Aftermarket Group CEO to Step Down in July

Motorsport Aftermarket Group (MAG) announced that Andy Graves, president and CEO, has made the decision to retire from the company effective July 31, 2018.

Motorsport Aftermarket Group (MAG) announced that Andy Graves, president and CEO, has made the decision to retire from the company effective July 31, 2018.

Graves has been MAG’s CEO since January 2015 and said, “This is a personal decision based on my desire to spend more time with my family, pursue other interests, and engage more fully in service opportunities. I believe the timing for me to retire this summer coincides well with MAG embarking on a new chapter; this is the appropriate time for an effective transition of leadership.”

MAG has launched an external search for a new CEO and is confident that the company will welcome a new leader who will bring a passion for powersports, along with strong consumer, dealer and operating insights. The board has asked Graves to provide consulting support through July of 2019 to help facilitate this transition.

“We are thankful for Andy’s strong leadership of MAG through the bankruptcy process and are grateful for his willingness to provide a smooth transition in this interim period.  We wish him the best in his retirement. MAG now has a healthy balance sheet and an ownership group eager to support new growth opportunities. The company is well-positioned to lead the industry by developing and delivering the most desired brands and innovative products to riders anywhere they shop from dealer to digital,” said David Robbins, managing director of Monomoy Capital Partners.

Last year, MAG filed chapter 11 and began implementing a recapitalization plan to eliminate approximately $300 million in debt. To support operations through this process, MAG has secured up to $135 million in debtor-in-possession (DIP) financing from certain of its current secured lenders.

 

Links:

Motorsport Aftermarket Group

You May Also Like

Sturgis Motorcycle Museum Announces 2024 Inductees to Hall of Fame

The Hall of Fame Class of 2024 is notable for its deep roots in the culture of motorcycling.

Sturgis Museum and Hall of Fame banquet

The Sturgis Motorcycle Museum and Hall of Fame has announced the museum’s Hall of Fame Class of 2024. This distinguished lineup is composed of individuals with a diverse range of accomplishments, from Hollywood fame to racing championships to business success. Honorees this year have supported veterans and the elderly, advocated for motorcyclists' rights and have shown artistic talent on canvas as well as on two wheels.

New Sponsorship Agreement Between Heidenau Tires and Team Obsolete

Heidenau has been producing tires for classic motorcycle sizes for almost 20 years.

Heidenau tires with classic Benelli race motorcycle
R&G to Protect All-New Rahal Ducati Moto Team

The team makes its maiden appearance at Daytona 200 next month.

R&G crash protection engine cover
H-D Factory Race Team Launches for 2024 MotoAmerica Mission King of the Baggers

The 18-race schedule includes a round at the Red Bull Grand Prix of the Americas.

Harley-Davidson Factory Race Team
Volcon Releases Second Production Update Video

New CEO John Kim takes us on a visual tour of Stag and Grunt production.

Volcon Stag driving in prairie

Other Posts

International Female Ride Day: May 4, 2024

Celebrating women riders worldwide.

International Female Ride Day 2024
Taiga Expands Business Into South America

Taiga enters a $25 million exclusive three-year distribution agreement with Ventura.

Ventura storefront
NPA Hires New Territory Sales Manager Jason Wilson for NPA Portland

Wilson was most recently a general sales manager at a Ducati dealership.

Jason Wilson
Nationwide 2024 KTM STREET DEMO TOUR

Test ride the naked bikes and adventure range.

2024 KTM Street Demo Tour